Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1226:

• WAEC 2014

A collection of fields relating to one logically definable unit of business information is known as

A. Database
B. Character
C. Byte
D. Record

Question 1227:

• WAEC 2015

Which of the following describes a trial balance?

A. It is a special account
B. It is a list of balances in the books
C. It reveals the financial position of a business
D. It shows all the entries in the books of a business

Question 1228:

• WAEC 2015

Which of the following describes a trial balance?

A. It is a special account
B. It is a list of balances in the books
C. It reveals the financial position of a business
D. It shows all the entries in the books of a business

Question 1229:

• WAEC 2015

Which of the following is not a feature of accounting information?

A. Affordability
B. Timeliness
C. Accuracy
D. Completeness

Question 1230:

• WAEC 2015

Which of the following is the equation for determining net profit or loss from the records of a firm?

A. Closing Capital - Drawings - Capital Introduced
B. Opening Capital + Drawings - Closing Capital
C. Closing Capital + Opening Capital - Drawings
D. Closing Capital + Drawings - Opening Capital